The core problem with all retirement plans is that you can't have people living a third of their life on somebody else's back.

Many people running out of money who only have a 401k is INSTRUCTIVE to why this is true. If YOU can't afford to fund your lengthy retirement, neither can anyone who PROMISES to fund your lengthy retirement. It's really expensive.

https://www.zerohedge.com/political/how-public-pensions-turn-cities-unlivable-hellholes

Edited: 07/02/2022 at 06:06 PM by grdsurf

Sure you can

Zero Hedge ..... f-ing please

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"Most people would die sooner than think; in fact, they do." - Bertrand Russell


"Morality is doing what is right, regardless of what you are told. Religion is doing what you are told, regardless of what is right.


If I do not answer you .... nothing personal, I just have you on ignore.

what he said ^ ...Zero Hedge is a batshit insane Austrian school finance blog run by two pseudonymous founders who post articles under the name "Tyler Durden," after the character from Fight Club. It's essentially apocalypse porn. It has accurately predicted 200 of the last 2 recessions.[citation NOT needed]

The only problem with any pension is convincing those that fund it that it is worth the investment. When interest rates are really low (pre-2022) the idea of borrowing money to invest made sense. This is what the wealthy have done through that whole period of low rates. Private sector has walked away from offering pensions. Too expensive. Public sector has kept it. I have worked both. The difference is in pay. Private sector has unlimited upside potential in pay. But it is volatile and with risk. Public sector has low risk, low reward - one could say guaranteed paycheck. The private sector employee has to figure out what to do with that money. I make more than twice what I made in public sector but I bank that delta so I have a retirement. The public sector employee has to learn to live with mediocre in every aspect of their life yet knows among all else they will have a paycheck come pay day.

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Even a blind hog finds an occasional acorn

The public sector employee has to learn to live with mediocre in every aspect of their life yet knows among all else they will have a paycheck come pay day.


Very well said.

And if they can manage to get health insurance, so much the better, but unfortunately, even that isn't a given these days.

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I was right.

Public sector, particularly at state and local level, have also walked away from offering promised pensions upon vested status. Pretty sure state of FL no longer offers state employees pensions, instead setting up employees in self-managed 401Ks that end up being grossly underfunded.

Pensions, the boomers all had them, but they went away with the decline of organized labor.

Young people today are on their own, the pensioners over in the Villages took it all.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".